NYSE · Consumer Defensive

Anheuser-Busch InBev SA/NV

BUD · Beverages - Brewers

$80.74

▲ 0.06 (0.07%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 56.6%

Operating Margin 26.7%

Net Income Margin 16.8%

Fin. Health

F⤢

Years to Pay Off Debt 37.3 yrs

Working Capital vs Long-Term Debt -$80.1B

Working Capital -$9.7B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 1.58x

Cash Flow

N/A⤢

Profitability

Gross Profit Margin 56.6%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 26.7%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 16.8%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 37.3 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$80.1B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital -$9.7B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About Anheuser-Busch InBev SA/NV

Anheuser-Busch InBev SA/NV produces and sells beer in North America, Middle Americas, South America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through North America, Middle Americas, South America, EMEA, Asia Pacific, and Global Export and Holding Companies segments. The company also offers flavored malt beverages, soft drinks, spirit-based ready-to-drink cocktails and beverages, and energy drinks. In addition, it operates BEES, a business-to-business digital commerce platform; on-demand delivery platforms under the Zé Delivery and TaDa Delivery brands; and premium at-home draft system under the PerfectDraft brand. The company provides a portfolio of approximately 500 beer brands, which primarily include Budweiser, Corona Extra, Michelob Ultra, and Stella Artois; Aguila, Brahma, Carling Black Label, Cass Fresh, Jupiler, Quilmes, SKOL, and Victoria; Beck's, Hoegaarden, and Leffe; Antarctica, Bud Light, Castle, Castle Lite, Cristal, Harbin, Modelo Especial, Sedrin, and Skol brands, as well as non-beer brands comprising Brutal Fruit, Cutwater, and NÜTRL brands. The company was formerly known as InBev SA and changed its name to Anheuser-Busch InBev SA/NV in November 2008. Anheuser-Busch InBev SA/NV was founded in 1366 and is headquartered in Leuven, Belgium.

Market Data

Market Cap $156.2B

Enterprise Value $1,033.8B

P/E (TTM) 22.37

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 56.6%

Operating Margin 26.7%

Net Margin 16.8%

Company Info

Sector Consumer Defensive

Industry Beverages - Brewers

Employees 137000

Country Belgium

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Anheuser-Busch InBev SA/NV at $80.74.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $80.74, the stock trades at a 109% premium to its Graham Number of $38.61. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	56.6%▲	55.4%•	N/A
Operating Margin %	26.7%▲	26.0%•	N/A
Net Income %	16.8%▲	12.6%•	N/A
Diluted EPS	1.30▲	0.99▲	0.61

Balance Sheet Highlights

Metric	Q4 2025	Q4 2024
Total Assets	$218.8B	$206.6B
Total Debt	$73.0B▲	$72.2B
Working Capital	-$9.7B▲	-$10.1B
Years to Pay Debt	37.28	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	143,460	-3,645
Tax Rate For Calcs	0	0
Normalized EBITDA	3,906,000	3,962,000
Total Unusual Items	687,000	-15,000
Total Unusual Items Excluding Goodwill	687,000	-15,000
Net Income From Continuing Operation Net Minority Interest	2,563,000	1,959,000
Reconciled Cost Of Revenue	6,620,000	6,943,000
EBITDA	4,593,000	3,947,000
EBIT	4,593,000	3,947,000
Net Interest Income	-1,049,000	-1,069,000
Interest Expense	829,000	848,000
Interest Income			638,000
Normalized Income	2,019,460	1,970,355
Net Income From Continuing And Discontinued Operation	2,563,000	1,959,000
Total Expenses	11,193,000	11,506,000
Total Operating Income As Reported			3,849,000
Diluted Average Shares	1,978,000	1,984,000	2,003,000
Basic Average Shares	1,978,000	1,984,000	2,003,000
Diluted EPS	0	0	0
Basic EPS	0	0	0
Diluted NI Availto Com Stockholders	2,563,000	1,959,000
Net Income Common Stockholders	2,563,000	1,959,000
Net Income	2,563,000	1,959,000
Minority Interests	-414,000	-418,000
Net Income Including Noncontrolling Interests	2,978,000	2,379,000
Net Income Continuous Operations	2,978,000	2,379,000
Tax Provision	786,000	720,000
Pretax Income	3,764,000	3,099,000
Other Income Expense	739,000	118,000
Special Income Charges	56,000	-410,000
Gain On Sale Of Business	79,000	-322,000
Other Special Charges		35,000	-239,000
Restructuring And Mergern Acquisition	23,000	53,000
Earnings From Equity Interest	52,000	133,000
Gain On Sale Of Security	631,000	395,000
Net Non Operating Interest Income Expense	-1,049,000	-1,069,000
Total Other Finance Cost	220,000	221,000
Interest Expense Non Operating	829,000	848,000
Interest Income Non Operating			638,000
Operating Income	4,074,000	4,050,000
Operating Expense	4,573,000	4,563,000
Other Operating Expenses	-170,000	-223,000
Selling General And Administration	4,743,000	4,786,000
Gross Profit	8,647,000	8,613,000
Cost Of Revenue	6,620,000	6,943,000
Total Revenue	15,267,000	15,555,000
Operating Revenue	15,267,000	15,555,000

Balance Sheet

	2025	2024
Treasury Shares Number	68,490	43,810
Ordinary Shares Number	1,950,752	1,975,432
Share Issued	2,019,242	2,019,242
Net Debt	59,098,000	58,791,000
Total Debt	73,027,000	72,170,000
Tangible Book Value	-72,606,000	-72,277,000
Invested Capital	157,917,000	148,103,000
Working Capital	-9,706,000	-10,067,000
Net Tangible Assets	-72,606,000	-72,277,000
Capital Lease Obligations	2,397,000	2,304,000
Common Stock Equity	87,287,000	78,237,000
Total Capitalization	157,640,000	147,210,000
Total Equity Gross Minority Interest	97,736,000	88,700,000
Minority Interest	10,449,000	10,463,000
Stockholders Equity	87,287,000	78,237,000
Other Equity Interest	1,000
Gains Losses Not Affecting Retained Earnings	22,885,000	16,190,000
Other Equity Adjustments	22,885,000	16,190,000
Treasury Stock	5,083,000	3,886,000
Retained Earnings	50,128,000	46,577,000
Additional Paid In Capital	17,620,000	17,620,000
Capital Stock	1,736,000	1,736,000
Common Stock	1,736,000	1,736,000
Total Liabilities Net Minority Interest	121,072,000	117,937,000
Total Non Current Liabilities Net Minority Interest	86,597,000	84,871,000
Other Non Current Liabilities	1,000	-1,000
Derivative Product Liabilities	293,000	68,000
Employee Benefits	1,275,000	1,296,000
Non Current Pension And Other Postretirement Benefit Plans	1,275,000	1,296,000
Tradeand Other Payables Non Current	1,054,000	860,000
Non Current Deferred Liabilities	11,421,000	11,542,000
Non Current Deferred Taxes Liabilities	11,400,000	11,321,000
Long Term Debt And Capital Lease Obligation	72,129,000	70,721,000
Long Term Capital Lease Obligation	1,776,000	1,748,000
Long Term Debt	70,353,000	68,973,000
Long Term Provisions	425,000	385,000
Current Liabilities	34,475,000	33,066,000
Other Current Liabilities	6,104,000	5,817,000
Current Deferred Liabilities	223,000	69,000
Current Debt And Capital Lease Obligation	898,000	1,449,000
Current Capital Lease Obligation	621,000	556,000
Current Debt	277,000	893,000
Other Current Borrowings	85,000	799,000
Line Of Credit	192,000	94,000
Current Provisions	192,000	191,000
Payables And Accrued Expenses	27,058,000	25,540,000
Current Accrued Expenses	1,369,000	1,336,000
Interest Payable	1,369,000	1,336,000
Payables	25,689,000	24,204,000
Other Payable	3,178,000	3,062,000
Dividends Payable	610,000	767,000
Total Tax Payable	4,846,000	4,365,000
Income Tax Payable	1,825,000	1,805,000
Accounts Payable	17,055,000	16,010,000
Total Assets	218,808,000	206,637,000
Total Non Current Assets	194,039,000	183,637,000
Other Non Current Assets	143,000	129,000
Defined Pension Benefit	150,000	42,000
Non Current Deferred Assets	2,708,000	2,493,000
Non Current Deferred Taxes Assets	2,708,000	2,493,000
Non Current Note Receivables	6,000	8,000
Non Current Accounts Receivable	2,166,000	1,907,000
Financial Assets	145,000	261,000
Investments And Advances	5,163,000	4,780,000
Investmentin Financial Assets	161,000	168,000
Held To Maturity Securities	27,000	29,000
Available For Sale Securities	134,000	139,000
Long Term Equity Investment	5,002,000	4,612,000
Investmentsin Associatesat Cost	5,002,000	4,612,000
Goodwill And Other Intangible Assets	159,893,000	150,514,000
Other Intangible Assets	41,985,000	40,035,000
Goodwill	117,908,000	110,479,000
Net PPE	23,665,000	23,503,000
Accumulated Depreciation	-35,619,000	-30,253,000
Gross PPE	59,284,000	53,756,000
Leases		1,443,000
Construction In Progress	1,011,000	1,166,000
Other Properties	2,297,000	2,209,000
Machinery Furniture Equipment	42,747,000	38,056,000
Land And Improvements	13,229,000	12,325,000
Current Assets	24,769,000	22,999,000
Other Current Assets	-2,000	1,000
Hedging Assets Current	583,000	554,000
Assets Held For Sale Current	190,000	33,000
Restricted Cash	106,000	99,000
Prepaid Assets	701,000	572,000
Inventory	4,974,000	4,940,000
Finished Goods	1,547,000	1,578,000
Work In Process	479,000	508,000
Raw Materials	2,948,000	2,854,000
Receivables	6,379,000	5,504,000
Other Receivables	553,000	467,000
Taxes Receivable	1,445,000	1,143,000
Accrued Interest Receivable	67,000	43,000
Loans Receivable	52,000	60,000
Accounts Receivable	4,262,000	3,791,000
Allowance For Doubtful Accounts Receivable	-399,000	-377,000
Gross Accounts Receivable	4,661,000	4,168,000
Cash Cash Equivalents And Short Term Investments	11,838,000	11,296,000
Other Short Term Investments	306,000	221,000
Cash And Cash Equivalents	11,532,000	11,075,000
Cash Equivalents	6,248,000	4,964,000
Cash Financial	5,284,000	6,111,000

Cash Flow

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $13.6B ▲ $15.3B +12.0%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 55.6% ▲ 56.6% +1.0pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 29.9% ▲ 26.7% -3.2pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 15.8% ▲ 16.8% +1.0pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$15.3B/qtr (≈$61.1B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

0.72x current ratio

vs ≥ 2.0x

Operating Cash Flow

N/A

Latest quarter · Buffett's cash reality check

ROIC

1.7%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

1.4x

Net Assets: $97.7B

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

Peers & Industry

No auto-detected peers for Beverages - Brewers. You can manually compare BUD against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.00%

Low — management has little skin in the game

Return on Equity (ROE)

2.9%

Weak — poor returns on equity

Return on Assets (ROA)

1.2%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$2.3B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-3.4% YoY

Debt is declining — management is deleveraging

Leadership Team

Michel Dimitrios Doukeris

Chief Executive Officer

Age 52

Fernando Mommensohn Tennenbaum

Chief Financial Officer

Age 48

Shaun Fullalove

Global Vice President of Investor Relations

Flavio Sodre

Vice President of Ethics & Compliance

Top Institutional Holders

Institution	% Owned	Shares
Dodge & Cox Inc.	1.65%	29,683,736
Fisher Asset Management, LLC	0.66%	11,915,690
Morgan Stanley	0.22%	3,867,240
FMR, LLC	0.15%	2,686,063
Shaw D.E. & Co., Inc.	0.13%	2,315,245
Bank of America Corporation	0.12%	2,134,347
Davenport & Co LLC	0.10%	1,827,154
Goldman Sachs Group Inc	0.10%	1,794,612

Risk Analysis

Beta (Market Risk)

0.79

Low volatility — more stable than the market

Short Interest

0.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.75x

Conservative balance sheet — low financial risk

52-Week Price Range

Low: $56.97 Current: $80.74 High: $84.46

Currently at 86% of 52-week range

Anheuser-Busch InBev SA/NV

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis